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Eleven cement makers were slapped with $1.1 billion in fines on Thursday for price fixing, a record penalty from India's increasingly assertive anti-trust regulator.The Competition Commission of India (CCI) said the companies colluded to underuse their plant and create an artificial shortage of cement, the government said in a statement.Analysts said the ruling, which was heavier than expected, reflected an increasingly tough approach by the three-year-old regulator and represented a coming of age for Asia's third-largest economy, hit by a spate of high-profile corruption cases in recent years.
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Source : CNBC
Shares in Indian cement manufacturers fell in early trade on Friday after they were fined a combined $1.1 billion for price fixing, even as many of them vowed to appeal the ruling by the nation's increasingly assertive anti-trust regulator.
Source : http://in.reuters.com